Valoe Establishes a Joint Venture Company and Commenced Solar Module Sales in the Kingdom of Saudi Arabia
08 Octubre 2021 - 01:00AM
Valoe Establishes a Joint Venture Company and Commenced Solar
Module Sales in the Kingdom of Saudi Arabia
Valoe
Corporation Inside Information
8 October 2021 at 09.00 (Finnish time)
Valoe Oyj (“Valoe” or “Company”) and ICON
Advanced Co. Ltd (“ICON”), a Saudi Limited Liability Company fully
owned by Salem Balhamer Holding, have agreed on establishing a
joint venture company in Saudi Arabia. On 12 August 2021, Valoe
disclosed that it had signed a Memorandum of Understanding with
ICON. Since then, Valoe, ICON, and Salem Balhamer Holding have held
more detailed negotiations to implement the project. As a result,
the parties completed the negotiations, and Valoe and ICON signed
an agreement for establishing a joint venture company at Expo2020
in Dubai.
Valoe shall own 40 percent and ICON 60 percent
of the joint venture company. The joint venture company is planning
to build in Saudi Arabia a Back Contact Solar Module manufacturing
plant that Valoe would engineer, build, and deliver. The parties
intend to invest approximately EUR 15 million in the joint venture
company, out of which Valoe’s maximum investment is EUR 6 million.
The investment includes a solar module manufacturing plant,
technology transfer, training, and initial operation delivered by
Valoe. The estimated value of Valoe’s delivery is approximately EUR
12 million.
The procedures to establish the joint venture
will begin immediately, and Valoe will send its personnel to
Dammam, Saudi Arabia, to assist with the arrangements. The goal is
to have the joint venture established by the end of 2021. According
to current plans, the construction of the solar panel plant is
scheduled to begin in the first half of 2022.
In addition, Valoe and ICON have signed an
agency agreement. It was agreed that ICON would immediately begin
marketing and selling Valoe’s products in Saudi Arabia, Dubai, Abu
Dhabi, and Oman.
Salem Balhamer Holding Group is a Saudi Arabian
conglomerate having its Global Headquarters in Damman. The Group
operates in trading, contracting, entertainment, to name a few. The
company is committed to diversify and invest into un-tapped sectors
of Saudi Arabian market, to support the growth of the Kingdom and
achieve its goals in line with Vision 2030.
Valoe Corporation specializes in the clean
energy, especially in photovoltaic solutions. Valoe provides
automated production technology for solar modules based on the
company’s own technology; production lines for modules, solar
modules, and special components for solar modules. Valoe's head
office is located in Mikkeli, Finland.
In Mikkeli on 8 October 2021Valoe OyjBOARD OF DIRECTORS
For more information:CEO Iikka Savisalo, Valoe Corporation tel.
+358 40 521 6082email: iikka.savisalo@valoe.com
Distribution:Nasdaq Helsinki Oy Main media www.valoe.com
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